JD Sports raises £464.2m to bolster acquisition plans
The sports retailer raised funds through the placing of ordinary shares, which support the business’ expansion plans going forward
JD Sports has announced the completion of the placing of new ordinary shares in the business’ capital, which raised £464.2m for the company, to be used for future acquisition plans.
A total of 58,393,989 new ordinary shares in the retailer were placed by Investec and Peel Hunt, at an issue price of 795 pence per share, representing around 6% of the existing issued capital.
The placing price represents a discount of around 2.5%, to the mid-market closing price of 815 pence on 3 February.
Following this successful fundraise, JD Sports said a number of potential acquisition and expansion opportunities are now available to the sports retailer.
Applications have been made to the Financial Conduct Authority (FCA) for the placing of shares to be admitted to the premium listing segment of the London Stock Exchange.
It is believed that the admission will take place on 8 February, 2021.
Earlier this week, JD Sports announced that it has entered into a conditional agreement for the acquisition of 100% of DTLR Villa for £360m.
